MARTIN LEWIS has urged car insurance customers to make this one simple change from next Monday to save on premiums during the coronavirus lockdown.

Martin Lewis said customers would be able to make updates to the terms of their policy which will help them to save money while they are not using their cars. The Money Saving Expert says motorists can request payment holidays from Monday which will allow them to review their agreement.

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The guidelines say: “It might be that the risk profile of some customers has changed because of coronavirus.

“For example, some motor insurance customers might not be using their vehicle at all or might no longer be using it for business purposes, and customers could potentially be offered materially lower premiums.”

The FCA also says companies should consider whether moving a customer to another policy would better meet their needs and help them save.

They say customer's needs could have changed under the lockdown and means they could be moved from fully comprehensive cover to third party, fire and theft.

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The FCA says firms should helped panicked motorists (Image: Getty)

The FCA also says firms should work with customers to avoid the need to cancel a policy and will be expected to waive any cancellation fees on agreements.

Payment deferrals should be offered to customers for a period of between one and three months.

However, the FCA says firms can go beyond this if they wish to do so and they feel it is in the customer’s interest.

However, payment holidays will still see policies pick up interest which could see customers needing to make increased payments later down the line.